News from the Oklahoma Corporation Commission

Jim Palmer, Director of Information

May 17, 2000

Downward production trend continues for Oklahoma oil and gas

(OKLAHOMA CITY) The monthly report from the Oklahoma Corporation Commission’s Oil and Gas Conservation Division shows a continuation of the decline in oil and gas production from January. The early crude oil figures for February reveal a drop of about 8% or 444,096 barrels from the previous month. Natural gas output declined by nearly 33.3 million (mcf) or about 28%.

Total liquids for February reached 5,349,539 barrels. February’s total gas was 88,930,285 mcf.

Larry Claxton, manager of oil and gas statistics for the Commission, said the production from a gas lease in Pushmataha county in southeastern Oklahoma, which began in December as the first gas production in that county in many years, has greatly increased. February production for the lease is up about 39% over January.

Oklahoma’s total crude oil production for the year through February is 10,787,470 barrels. Natural Gas production through February is 196,312,464 mcf.

The average price for crude oil during February was $28.63, an increase of $2.58 per barrel. The average price for February natural gas was $ 2.42, up $0.25 from January.

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